CHF/SGD 4H Chart: Channel Up

In the past four months the CHF/SGD currency pair has been steadily moving upwards, therefore creating a bullish channel pattern. In the foreseeable future, namely in course of October, the Swiss Franc is estimated to commence a recovery and start moving away from the pattern's lower edge. Most important resistances are located at 1.4740, 1.4907 and 1.5052 as all of them are weekly supply areas for the pair. Meanwhile, the first one is placed just within 30 pips above the spot price. Nonetheless, both short and long term studies assume the Franc is capable of violating these resistance lines this week. On the contrary, market sentiment is strongly bearish (72%) at the moment.